Smart Home - China

China

The Smart Home market in China is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$32.4bn by 2024.
It is further predicted that the market will continue to expand at an annual growth rate (CAGR 2024-2028) of 12.57%.
As a result, the market volume is projected to reach US$52.0bn by 2028.
In terms of household adoption, the number of active households in China's Smart Home market is anticipated to reach [users_currentlayer_yearend] by 2028.
This indicates a significant increase in household penetration, which is expected to rise from 22.0% in 2024 to 39.2% by 2028.
Currently, the average revenue per installed Smart Home market in China stands at US$306.60.
This figure demonstrates the financial potential of the market.
When compared globally, it is worth noting that United States generates the highest revenue in the Smart Home market.
In 2024, the revenue generated United States is projected to be US$38,800.0m.
These figures illustrate the promising growth and potential of the Smart Home market in China.
China's smart home market is experiencing rapid growth, driven by the increasing adoption of connected devices and the government's push for technological advancement.

Key regions: United States, United Kingdom, Germany, Europe, Norway

Market

Region

Region comparison

Currency

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.